Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired the 512-unit Foothill Village community in the Las Vegas submarket of Spring Valley. The off-market deal was made with a private seller and is valued at $50 million.
The development is located close to I-15 and the Las Vegas Strip. Its units range in size from one- to three-bedrooms plus townhome units. Existing amenities include three swimming pools, two basketball courts, four laundry facilities, a business center, a playground, and dog runs.
“The Foothill Village acquisition fits very well with our investment strategy with Henley USA in the Las Vegas market,” said Tower 16 co-principal Tyler Pruett in a statement. “The project offers significant operational and capital improvement upside and allows us to provide much-needed workforce housing in Las Vegas.”
Tower 16 plans to make close to $7 million in renovations and upgrades to the property. New features will include new outdoor amenities, a leasing office, interior renovations, and a gym. Tower 16 has also hired Las Vegas-based property management company Pinnacle to manage the community on behalf of the joint venture.
“We are strong believers in the Las Vegas multifamily market, and our acquisition of Foothill Village demonstrates that,” added Tower 16 co-principal Mike Farley. “We're excited about the opportunity to transform this property into a first-class apartment project that will showcase an amenity base to rival new, Class A apartments in the area.”
Foothill Village is Tower 16’s second acquisition in Las Vegas, following the purchase of a 228-unit Class B property earlier this year, currently undergoing renovations. The company plans to make several more acquisitions in Vegas over the next year.